Citigroup Inc. is seeking to establish a new investment banking and trading operations in China, according to Bloomberg. The bank plans to submit an application for a securities license and a license for futures brokering in the next two months.
Citi’s move comes at a time the lender has announced it would be exiting retail banking in China and other markets across Asia, Europe, Middle East, and Africa.
The bank aims to get the businesses under the new license up and running in 12 to 18 months
A CEO will soon be named for the business and 50 people will be hired initially with a plan to grow to about 100 over time.
Citi is a late entrant into China’s securities market after Beijing lifted foreign ownership restrictions and allowed full control starting last year.
Foreign banks have aggressive plans to expand in China as the country opens its $54 trillion financial market.
Citi received a domestic custody license last year and already has licenses to settle and underwrite bonds for clients in China
Citi stock is currently gaining. C: NYSE is up 0.041% on premarket.
